47 documents worth $22 billion signed within Kazakh President’s state visit to China

47 documents worth $22 billion signed within Kazakh President’s state visit to China

Kazakhstan and China have signed about 50 documents worth $22 billion during the state visit of Kassym-Jomart Tokayev to the neighboring country. Today, the Head of State took part in the Kazakh-Chinese investment forum, pointing out that the oil and gas sector is one of the priority areas of bilateral cooperation. In particular, it is planned to expand the throughput capacity of the Kazakhstan-China oil pipeline to increase oil exports.

“It is now highly important to enhance the capacity of the existing Atyrau-Kenkiyak and Kenkiyak-Kumkol oil pipelines. There are also plans to increase the production capacity of the Shymkent oil refinery from six to 12 million tonnes per year due to the growth in oil product demand. We have been successfully working with the China National Petroleum Corporation (CNPC) in this direction for a long time. We consider increasing gas processing capacity and expanding the gas transport system as top priorities for Kazakhstan. In this regard, it is extremely important to launch the second string of the Beineu-Bozoi-Shymkent gas pipeline. In addition, we are interested in the construction of a gas processing plant at the Kashagan field with a capacity of four billion cubic meters per year,” Tokayev said.

The President invited Chinese businesspeople to consider renewable energy investment opportunities. The state provides comprehensive support for projects in this industry. The country has set a target of achieving carbon neutrality by 2060. Those entrepreneurs who enter the manufacturing sector will also receive support.

“A favorable environment has been created for the development of the manufacturing sector in Kazakhstan. In particular, the government passed the law on Industrial Policy and set preferential prices for aluminum, copper and zinc for domestic enterprises that are five percent less than the London Metal Exchange prices. Moreover, there are plans to regulate exports of these metals to fully meet the needs of the domestic market,” the President noted.

The potential of e-commerce will help the countries increase trade turnover up to $40 billion. In addition, online trading will allow promoting goods of Kazakh and Chinese producers to foreign markets, President Tokayev emphasized. The first steps in this direction have already been made, as the Head of State opened the National Pavilion of Kazakhstan on the popular electronic platform JD.com today.